T-Mobile US Inc (TMUS) said that it would buy Ka’ena Corp, which is the owner of Mint Mobile, a budget direct to customer (D2C) prepaid wireless service provider backed by celebrity actor Ryan Reynolds, Ultra Mobile that is described as a unique wireless service with options for international calling and wholesaler Plum. The deal could be finalized for up to $1.35 billion. The US telecom operator with 5G network had been looking to increase its operations as it competes with major rivals such as Verizon and AT&T.
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The Wednesday agreement includes 39 percent cash and 61 percent stock. The deal, which is expected to close later in 2023, will have a final purchase price that would depend on Ka’ena’s performance at specific periods of time before and after the closing of the deal. The deal is expected to increase T-Mobile’s core adjusted earnings but not to affect the telecom giant’s outlook for 2023.
Mint Mobile has celebrity star Ryan Reynolds as part owner as well as the face behind its marketing campaign. Ryan Reynolds left a voicemail for users that told them that they had received unlimited free data from Mint Mobile. The Deadpool actor left this message for the company’s mobile users in 2020, at the beginning of the pandemic.
Mint Mobile has a large share of pay-as-you-go customers, whose numbers are expected to rise as many people move away from huge monthly bills and prefer to make payments on the go.
T-Mobile has seen its churn rate (the percentage of users who stop using a service) increase as competition heats up. So, the acquisition of Mint Mobile will help T-Mobile to increase its share of the pay-as-you-go customer base.
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Ka’ena has already thrived on the T-Mobile network and its acquisition by the 5G network will prove to be beneficial for users of both the companies as it would include affordable plans as well as a fast 5G network.
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